The company plans to file for creditor protection after 220 of their 248 Canadian stores were unable to pay rent this month. Payless ShoeSource has also filed for bankruptcy protection in the US.

Now, I can't say we didn't see this coming. I know I've plugged "Is Payless Canada closing?" into Google more than once over the last few years. Still, I hate to see them go – which is where my one good piece of news comes in.

While Payless is shutting down, their stores are still open for the time being. They need to liquidate their inventory, so you still have time to find a store near you and stock up on all the clearance shoes you can. Some locations will close next month, while others may remain open until May.

Just so you know, all sales are final as of Feb. 19, and their stores will no longer accept coupons. You have until March 11 to redeem Payless gift cards, and their rewards program is now closed.